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Anglo American looking at SA Thermal Coal Asset Disposal

Coal News - Published on Fri, 21 Feb 2020

Image Source: Anglo American Coal
Energy MX reported that Anglo American CEO Mr Mark Cutifani gave the strongest indication yet of the group’s approach to its thermal coal assets saying it would own them for only five more years and probably less than that. Mr Cutifani has been more specific saying the group was looking at options for the coal mines with a view to providing more information at the time of its Sustainability Report which is due to be published in April. Asked by Energymx if these options could include spinning off the coal mines in a separately-listed vehicle or whether the group would opt for a straight-forward sale of the assets, Mr Cutifani responded “Both of those options and probably others. Anglo has streamlined itself many times before. What we believe is that the South African government still needs thermal coal. But whatever we do needs to be sensitive and we need to make sure they are in the right hands.”

Mr Cutifani was more sanguine regarding the South African government’s handling of energy policy than his mining company peers lately. Mr Cutifani said Anglo had two 100MW solar plants planned for its 70% owned Anglo American Platinum. It didn’t perturb him that the government has been resistant to allowing mining firms to produce units with somewhat larger-than-required capacity so the excess could be wheeled back to the national grid.

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Posted By : Yogender Pancholi on Fri, 21 Feb 2020
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